The bunch of rorters, troughers, bullsh*t artists, smoke and mirror merchants, tittie show promoters, clowns, cowboys, idiots and incompetent imbeciles destroying Brisbane Racing: if they were horses you wouldn’t feed a single one of ’em. Look at the bunch of expense rorting spenders of other people’s dough – they don’t have a track to stand on.
We’re all confused about four of the BRC management’s inability to look at a single set of numbers and come up with the same figures, but it doesn’t really matter anyway because they’re all of piss and hot air and only telling you about a tenth of the full story so they can make themselves look good, or not so bad anyway.
Let me tell you the actual story about the BRC’s financial performance for the past year, the truth if you will.
The club lost over $800 grand last year.
It borrowed an additional $18 million bucks and is now in the hole to its bookies for more than $52 million all up.
The total debt is 20% more than the entire gross annual revenue the club pulls in, and the debt to asset ration is about 2:3.
Net assets have dropped by nearly a million bucks, despite the privatisation by stealth through joint ventures of almost every spare blade of grass on the Eagle Farm course, none of it on the track itself because it doesn’t have any green stuff on it, just a sh*tload of sub-standard gravel and tonnes of the wrong type of sand.
One of the club’s two tracks is totally inoperative and had been for the better part of the last two years, and will continue to be for most of the next, at the very best.
Dodgy contractors on the BRC construction site killed two workers by allegedly failing to comply with basic safety standards, and the principal contractor is facing criminal manslaughter charges over the matter.
Another contractor – Wayne Innes – is a twice jailed crooked ex-cop who is facing a raft of corruption charges along with a former senior manager of the club Bill Shuck, in addition to host of unrelated charges of corruption out in Ipswich.
The course was blacked out two hours before the big one on Melbourne Cup day because the electrical wiring and switchboards were sh*t, and no-one had bothered to check them, and the club had failed to take the basic precaution of having back up generator power in case of such an eventuality.
The membership growth claimed by the club is total crap, as it is comprised almost entirely of little kids whose Mums and Dad have signed them up as social members for 20 bucks so that the whole family can $200 worth of free entry to the course and benefits, including bucket loads of free popcorn.
In an extraordinary act of inept management the club managed to turn a $74 000 profit on tote operations a year ago into a $31 000 loss. How can anyone on this earth make a loss out of a cash business that rakes a guaranteed 15-25% slice off the top before a race is even run? It’s mind boggling.
Catering and admissions revenue was up 10.5% on the back of increases in food and beverage prices in the vicinity of 20%, but the extra $1.8 million brought in was obliterated by a $2.2 million increase in the cost of providing it.
And there were 39% percent more meetings in 2016/2017 than in the previous year.
With the price rises and the massive increase in the number of meetings catering revenue should exponentially increased by about 50%. That it only increased by just over 10% and then had all of this and more swallowed up in increased expenses is a f*cking scandal, not a bragging point.
The supposed 61% increase in non-racing revenue is not actually detailed or substantiated anywhere in the accounts, but given that catering operations made a loss overall anyway what’s the increase worth in the general scheme of things? And what base was it calculated against? And increase from 9/10th’s of SFA to 6/8th’s of it is hardly a game changer is it?
The $4.4 million dollar increase in operating revenue was a 12% spike on the previous year, but as stated above there were 39% more race meetings held than in the year before, so the increase was in real terms in fact a massive decrease.
In any event the bottom line was that total revenue DROPPED by just under $4 million.
The $1.8 million EBITDA turnaround means absolutely nothing in light of the huge increase to the number or revenue earning events held, and in real terms is also actually a massive loss.
And why is the club boasting about an increase in earnings before interest when it has just taken on an additional $19 million in debt? It’s totally illogical.
Prizemoney dropped from an average of $576 037 per meeting the year before down to an average of $483 560, a decrease of almost 20% and the club were unable to raise any revenue to stem the gap.
Sponsorship was up, but only because Tatts (UBET) came on board to lift it by sponsoring the Stradbroke Handicap. Other than that and the addition of Darley – who actually offered the sponsorship up, not were sold it by Cute Katie’s mob sponsorship was totally moribund and stagnant.
Are you starting to get the picture sportsfans?
Not one single bit of this is me making it up, so don’t believe the bullsh*t that the hapless and hopeless board and management are going to spin you after they read this article. It’s all in the annual report and the financial accounts. If you have any doubts whatsoever about anything I have just told you then simply open up the report and take a look for yourself, you can find it by clicking here.
Now for the real fun bit.
The club paid more than $200 grand in legal fees to Mullins Lawyers, the firm in which BRC Director Curt Schatz is a partner and therefore has a direct beneficial interest. It is also the same firm that Robert ‘Bob’ Lette – a former Racing Queensland Director, friend and business associate of Clip Clop Kevin Seymour, and 20 year Director of his company Watpac – is a major shareholder in.
The payments made to Mullins Lawyers by the BRC were $80 000 higher than the fees paid the year before, an increase of 66%. There was absolutely no commercial benefit in these arrangements for BRC members, as the fees were struck on usual commercial terms that were no more favorable than the fee proposals Mullins makes to any mug who wished to engage their services.
Sure they were declared as a conflict of interest by Curt Schatz, but does anyone actually believe that it makes it alright? There are literally hundreds of law firms in Queensland, and at least a dozen that are of the same quality as Mullins Lawyers, so why the hell does the BRC enter into such a blatantly inappropriate arrangement with the one and only law firm that a Director of the club has a direct financial interest in?
Because the whole f*cking board are troughers who are feathering their own nests and scratching each other’s backs, and if there are any of them who are not then they are knowing and willing accomplices to the rorts because board records show not a single Director has dissented from motions moved to authorise the payments.
It’s not just the Directors who are benefiting from the boat races being organised in the board room either, because payments of short term benefits – that’s salaries and bonuses sportsfans – to Key Management Personnel increased by 18%.
Take it from me a former senior union official and absolute expert in workplace relations, that’s not a pay increase punters it’s a goddamn f*cking bonus, and you can bet your bottom dollar that Whimpey Dave and Cute Katie got the lion’s share of it.
After all you have just read above. The idiots who run the club via the board would have to be absolutely f*cking kidding wouldn’t they?
Nifty Nev when questioned tried to tell me that the whole thing was a good result. Either he (a) thinks I’m a moron, or (b) is an imbecile himself, or (c) is delusional, or (d) is spinning like crazy and lying through his teeth.
This is not a good result, far far from it.
This is a disgrace, and it is only made all so much the worse by the BRC’s blatantly dishonest bullsh*t and spin to its members to make you all believe that the whole thing is actually a win for everyone.
This mob should act like men, admit their failings and all resign from the board, because under the current leadership the only place Brisbane Racing is going is straight to the sh*thouse.
Am I just being negative?
Directors may lie, but numbers don’t.
Kick these bums to touch.